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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #105,681
  • Jan 8, 2012 5:07pm Jan 8, 2012 5:07pm
Hi Everybody!

This thread is really great, but i dont understand how can somebody succesfull on the market with this thread... I say that, because everybody speak about the enrtys, the price action bars which show the entry. But the most important thing is the exit... Nobody says about this. James can i ask you, that please give me a complett strategy by this thread. A strategy is useable by newbies like me.

I can not growing my account, i am demoing since 6 years!!!!!!
  • #105,682
  • Jan 8, 2012 5:11pm Jan 8, 2012 5:11pm
It's corn's weekly chart. The pinbar formed in an area with a lot of previous support and resistance as you can see. Also, it's right at the 38.2 fib retracement. The pinbar is also at a round number area (6.500) and the 4 hr chart 14-period RSI shows a double top with slight bearish divergence. I know the nose of the pinbar could be longer, but still, do you think this is tradeable?

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  • #105,683
  • Jan 8, 2012 5:45pm Jan 8, 2012 5:45pm
Quoting Zeee86
Hi Everybody!

This thread is really great, but i dont understand how can somebody succesfull on the market with this thread... I say that, because everybody speak about the enrtys, the price action bars which show the entry. But the most important thing is the exit... Nobody says about this. James can i ask you, that please give me a complett strategy by this thread. A strategy is useable by newbies like me.

I can not growing my account, i am demoing since 6 years!!!!!!
Hey Zee

We treat our exits very much like our entries. We are looking for logical ways to manage trades and situations. Depending on the trader your styles will vary. It's a lot of practice just as it is in getting our entries better. There is a wealth of information on exits and entries in this thread. It's a big thread so digging is needed. I highly recommend you go through all of James posts and begin to piece together concepts in a useful way to begin demoing. Many of the other seniors that hang in this thread myself included speak about everything. We also do keep things simple and directed at newer traders, but their is certainly an extensive amount of info on all topics here. Their is no simple checklist on entries and exits, it's about concepts and then bringing those concepts together to complete a trade plan.

Here is a broad post of mine on exits
http://www.forexfactory.com/showthre...an#post2853922

Depending on your method your exits will vary. Here is a crucial post from james on exits and how he treats his trades

http://www.forexfactory.com/showthre...44#post2365944

Hope this helps you
Mike
  • #105,684
  • Jan 8, 2012 6:07pm Jan 8, 2012 6:07pm
Quoting WHenderson
It's corn's weekly chart. The pinbar formed in an area with a lot of previous support and resistance as you can see. Also, it's right at the 38.2 fib retracement. The pinbar is also at a round number area (6.500) and the 4 hr chart 14-period RSI shows a double top with slight bearish divergence. I know the nose of the pinbar could be longer, but still, do you think this is tradeable?

Attachment
Hey WH

It's a pretty tiny bar but the 650 level was strong and the key to me. If it breaks down then we need to watch the previous bar low as the FTA and a pretty decent area we could see a bounce. To the upside a move past 650 too much is more a sign of weakness in the level.

Best
Mike
  • #105,685
  • Jan 8, 2012 11:20pm Jan 8, 2012 11:20pm
I was just wondering what you guys think about the eurusd. I was trying to think the whole weekend why I shouldnīt take a buy setup. I chickened out and the only reasons I could think of was that the wick is to short and I donīt think we have seen the bottom yet. Any help please.
Thanks
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  • #105,686
  • Jan 8, 2012 11:29pm Jan 8, 2012 11:29pm
Quoting mbqb11
Hey WH

It's a pretty tiny bar but the 650 level was strong and the key to me. If it breaks down then we need to watch the previous bar low as the FTA and a pretty decent area we could see a bounce. To the upside a move past 650 too much is more a sign of weakness in the level.

Best
Mike
Thank you, Mike. I agree with you that it is a short pinbar. I'll only demo trade it to see what happens. Cheers.
  • #105,687
  • Jan 9, 2012 12:20am Jan 9, 2012 12:20am
Quoting riandouma
I was just wondering what you guys think about the eurusd. I was trying to think the whole weekend why I shouldnīt take a buy setup. I chickened out and the only reasons I could think of was that the wick is to short and I donīt think we have seen the bottom yet. Any help please.
Thanks
Oops, just saw the mistake, eurcad trade!!
  • #105,688
  • Edited 5:03am Jan 9, 2012 4:23am | Edited 5:03am
EU just gave us a touch to the very pip of the weekly LCS.

Beauty.

Edit: actually, it is also the monthly LCS

It will be interesting to see if it hits its second target.
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  • #105,689
  • Jan 9, 2012 5:43am Jan 9, 2012 5:43am
Quoting AvanishDemo
i really like oil chart..
looking @ the chart..looks like oil price may move up sooner or later..
i wuld look for buy opportunities above 103.35(S-R level to the pip).
some arrows on chart.

PS: a positive NFP and the rising tensions in Iran would only cause oil prices to move up.shuld be interesting!
Avanish,

Looking at your chart, I see a D1 BEOB and swing failure (I won't go into the latter here but it's an extremely high probability pattern for a follow through where the market takes out a swing high and closes below).

Friday's bar shows the partial retracement of the BEOB and today we move back down into the lows.

It's always a good idea to try and examine exactly what price is telling you :-)

I totally understand you can have a fundamental view but like price itself, fundamentals always involve lots of "IF'S". What if Iran close the Straits of Hormuz? What if Nigerian Militants blow up another pipeline?
  • #105,690
  • Edited 7:29am Jan 9, 2012 6:57am | Edited 7:29am
Quoting the_wizard
Avanish,

Looking at your chart, I see a D1 BEOB and swing failure (I won't go into the latter here but it's an extremely high probability pattern for a follow through where the market takes out a swing high and closes below).
You just started a fire storm with this post wizard. . . be prepared with many PMs to you to follow . . . Your swing failure pattern is freaking awesome. . .wait a minute, I mean . . freaking brilliant . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #105,691
  • Jan 9, 2012 7:00am Jan 9, 2012 7:00am
Quoting Pinbar
EU just gave us a touch to the very pip of the weekly LCS.

Beauty.

Edit: actually, it is also the monthly LCS

It will be interesting to see if it hits its second target.
We are not surprised . .are we, Pinbar . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,692
  • Jan 9, 2012 7:04am Jan 9, 2012 7:04am
Quoting jarroo
We are not surprised . .are we, Pinbar . .

Thanks to you, we indeed are not.

What's a "Swing Failure Pattern"?

First flint, sparks.
  • #105,693
  • Edited 7:33am Jan 9, 2012 7:11am | Edited 7:33am
Quoting jarroo
What can I say, V . .Fantasic! . .

Nice close above that PPZ level in blue . .HCR level gave a nice entry to say the least . .

Interesting where the high hit today . .to the pip of a strong previous Weekly LCS . .Coincidence? I think not . .it happens too many times ..

Classic Resistance level turning . .or flipping . .into a Support level . .

Nice job Vito.


Jim
Touch trade and lower TF PA example at this Weekly LCS level on the UsdChf . .
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Indicators show the past. Price Action "Indicates" the future.
  • #105,694
  • Jan 9, 2012 7:19am Jan 9, 2012 7:19am
Did you intend to post the weekly chart twice?
  • #105,695
  • Jan 9, 2012 7:20am Jan 9, 2012 7:20am
Quoting Pinbar
Did you post the weekly chart twice?
Yes I did . .look closely at the two Weekly charts, my friend . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,696
  • Jan 9, 2012 7:29am Jan 9, 2012 7:29am
Quoting jarroo
Yes I did . .look closely at the two Weekly charts, my friend . .

Oh, is that the yearly close?
  • #105,697
  • Edited 7:10pm Jan 9, 2012 7:44am | Edited 7:10pm
Quoting Pinbar
Oh, is that the yearly close?
No its not the yearly close . .I've removed the period separator, that's not what I wanted to show ..

I wanted to show on the Weekly, the reaction of Price before and after the fact at this LCS level.


I think you are too much of a deep thinker, Pinbar . ..you're too smart . . . . I think you have to dumb yourself down for this stuff . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,698
  • Jan 9, 2012 7:48am Jan 9, 2012 7:48am
Quoting jarroo
No its was not the yearly close . .I've removed the period separator that's not what I wanted to show ..

I wanted to show on the Weekly reaction of Price before and after the fact at this level.


I think you are too much of a deep thinker, Pinbar . ..you're too smart . . . . I think you have to dumb yourself down for this stuff . .

Too Dumb more like. LOL
  • #105,699
  • Jan 9, 2012 7:51am Jan 9, 2012 7:51am
Quoting Pinbar
Too Dumb more like. LOL
No way Pinbar . .lol . .you are not too dumb . .You are doing great . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,700
  • Jan 9, 2012 7:54am Jan 9, 2012 7:54am
Quoting jarroo
No way Pinbar . .lol . .you are not too dumb . .You are doing great . .

I always think I am getting worse.

Strange phenomena
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